The rising oil and gas activities across the globe to cater to the ever-increasing energy demands are also leading to a need for improved fire protection systems at the site. The challenging working conditions and the high risk of fires at oil and gas exploration sites and within the overall industry have laid down a good ground for growth the global fire protection systems market. According to the Transparency Market Research report, the opportunity in the global fire protection market was worth US$5.08 bn in 2014 and is anticipated to reach US$8.93 bn by 2023, as the market paces ahead at a 6.48% CAGR between 2015 and 2023.

Comprised of fire detection equipment and fire suppression systems, this market includes solutions for operational sectors of the oil and gas industry such as upstream, midstream, and downstream. These systems are often installed at onshore drilling rigs, offshore platforms, drill ships, and offshore oil rigs. The majority of oil and gas companies have been showing significant interest in installing the various fire protection systems due to the high costs of operations and the equally high risk of fatalities.

Downstream Activities in Asia Pacific to Lead Market

As per the report, the fire protection systems market includes products such as gas detectors, smoke detectors, flame detectors, heat detectors, alarms, fire suppressing agents, and fire suppressing equipment. The rising number of safety standards are anticipated have made it obligatory for oil and gas companies to use fire protection equipment, thereby increasing their application in all operational sectors of the industry. The increasing downstream activities in Asia Pacific such as construction and expansion of existing and new plants will also boost the demand for fire detection and suppression systems. Furthermore, the emergence of midstream activities in Europe to meet the rising energy demands will also propel this market in the coming years.

Growing Oil Sands Industries of Canada Create New Opportunities

North America is leading the global fire protection systems market due to an influx of investments in the oil and gas sector. This region is further sub-segmented into the U.S. and Canada. The latter is leading the North America fire protection systems as the oil sands industry is indicating a promising future. Research also indicates that the numerous refineries in Asia Pacific will coax the players to increase their exploration activities, thereby creating a demand for fire protection systems.

This research study analyzes the market for fire protection systems in terms of revenue (US$ Mn). The fire protection systems market has been segmented on the basis of oil & gas operational sectors and regions. In terms of region, the market has been further divided into five segments. For the research, 2014 has been taken as the base year, while all forecasts have been given for the period from 2015 to 2023. Market data for all the segments has been provided at the regional level from 2014 to 2023. The report provides a broad competitive analysis of companies engaged in the fire protection systems business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the Global Fire Protection Systems (for Oil and Gas) market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive analysis of the Global Fire Protection Systems (for Oil and Gas) market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and market profitability. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.

The high-level analysis in the report provides detailed insights into the fire protection systems business globally. There are currently numerous drivers of the market. One of the most prominent drivers is the stringent safety regulations by government institutions for the installation of fire protection systems. Market attractiveness analysis was carried out for the fire protection systems market on the basis of regions. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.

The fire protection systems market was segmented on the basis of oil & gas operational sectors (upstream, midstream, and downstream). These operational sectors are further divided into onshore and offshore applications for fire protection systems. The onshore upstream operational sector comprises onshore drilling rigs, whereas offshore upstream operational sector includes offshore platforms, drill ships, and offshore oil rigs. The onshore midstream operational sector includes accommodation areas and pipelines, while offshore midstream operational sector includes FPSO, LNG carriers, and offshore support and supply vessels. The downstream operational sector has been sub-segmented into four applications: production vessels, production platforms, refineries, and petrochemicals. The fire protection systems market was analyzed across five geographies: North America, Europe, Middle East and Africa, Asia Pacific, and South and Central America. Regional data has been provided for each sub-segment of the fire protection systems market.

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